What happens when a business goes bankrupt but you owe them money

Express is going out of business and I still owe them $300 from Christmas shopping. Will I still be able to make my automatic payments or should I just pay it off now

EDIT: Forgot to mention, the money I owe is from me putting it on their Express credit card.

Gets sent to a collection agency

Your debt will be sold to a debt collector and now you have to pay whatever debt collector they sold it to.

Dakimakura posted...

Gets sent to a collection agency

Tyranthraxus posted...

Your debt will be sold to a debt collector and now you have to pay whatever debt collector they sold it to.

Thanks. This sucks though because, while I don't care for most of their clothes, I love their pants. Been using them as work pants for ~5 years.

SomeLikeItHoth posted...

Thanks. This sucks though because, while I don't care for most of their clothes, I love their pants. Been using them as work pants for ~5 years.

Waif for the going out of business sale a d buy 100 pants.

Theyll sell your debt if they havent already

also the card is probably through either visa or Mastercard.

SauI_Goodman posted...

Waif for the going out of business sale a d buy 100 pants.

Theres a sale going on at the one I shop at and Im about to head over there in a few hours.

Shame you didn't owe them millions, then you could have bought your own debt for like a 10th of the price, and made bank.
Yet another divide between the rich and the poor.

SomeLikeItHoth posted...

Theres a sale going on at the one I shop at and Im about to head over there in a few hours.

Just be sure they're not actually jacking the prices up. When my local KMart went out of business back in 2019, my SO noticed that their prices went up on some items we had looked at just a couple days before.

Klaus343 posted...

Shame you didn't owe them millions, then you could have bought your own debt for like a 10th of the price, and made bank.
Yet another divide between the rich and the poor.

So ur saying I can pay off my debt for less

GeminiDeus posted...

Just be sure they're not actually jacking the prices up. When my local KMart went out of business back in 2019, my SO noticed that their prices went up on some items we had looked at just a couple days before.

Thanks for the look out. Their pants are typically $80 per pair, but I only buy them when theyre B1G1 free. Anything less than $40 is a good deal.

SomeLikeItHoth posted...

So ur saying I can pay off my debt for less

If you don't pay and wait for collections to call you can ask if they'll settle for half and it might work. Dunno if it's worth making this much fuss over $300 though.

debt collector will harass you but they have no real power other than report your credit which is probably already bad?

technically they can take you to court but if you have the will you can win it pretty easy

but I guess people in debt and struggling to pay it don't have the time or money for court

but that is also why it works for them to buy debt without having much power to actually make you pay

I once rented Call Of Duty : World At War from a Blockbuster. Or maybe it was Hollywood Video.

Anyway, the disc was scratched to hell and and didn't work. I shrugged and told my friend that I couldn't play the 5 year old game with empty servers with him. I didn't have time to return it within the designated window. I ended up returning it a week late.

When I did, I told the dude that it didn't work. He questioned me as to why I kept it longer if it didn't work. I explained. He looked at me like I was a murderer.

Years later, I'm talking at LEAST 6 years later, I'm trying to buy my first house and I hit a snag because I had a ding on my credit report from the defunct company selling the "debt" I owed them to a collector. I ended up having to pay something like 500 dollars in "late payments" for returning a broken game to a dying rental company so I could buy a house. I didn't have the time, energy or resources to fight it.

To this day, I remember the name and face of the person I returned the game to who questioned me and acted like I broke his shitty old copy of WaW and reported it and almost fucked up my opportunity to buy my house. I pray that one day he walks into my brewery.

TC you don't owe Express the shitty clothing store money, you owe Comenity financial the bank who issued your Express card money.

They will likely change your card to one of their other cards for financial illiterates once Express totally kicks the bucket.

SomeLikeItHoth posted...

So ur saying I can pay off my debt for less

Only if you were a big company that owed a lot. Not for "little people", I'm afraid.